U.S. Pat. No. 5,362,116 discloses a magnetic latch system which is self latching in a predetermined position. The system includes a latch arm mounted on one gate member (e.g., post). The latch arm is movable between a latched and a retracted position. The system also includes a retaining element incorporating a permanent magnet and adapted to be mounted on a second gate member (e.g., gate). The latch arm is spring biased into the retracted position but, when it is located over the magnet, it is caused to move by the magnetic field of the magnet into a latched position wherein the latch arm engages the retaining element. In order to unlatch the latch arm from the retaining element, a lifting mechanism extends vertically above the latch arm and permits a user to manually retract the lower end of the latch arm from the permanent magnet in the retaining element. This prior art magnetic latch system does not allow for the easy opening of the gate from the front and/or the back side of the gate. Other exemplary prior art magnetic latches are disclosed in U.S. Pat. No. 3,790,197 to Parker; and U.S. Pat. No. 5,114,195 to Martin et al.